3 Unique Ways to Stay on Top of the Property Development Game

Thinking outside of the box is something that every successful entrepreneur does. No matter what industry you’re involved with, inspiring change and taking risks is one of the defining factors of a successful business. It could go horribly wrong or it could propel you into stardom, but without inspiring drastic change, your business becomes stale and you’re not going to build success off copying others.

So here are three unique ways to ensure that you are constantly at the forefront of property development. Whether you specialise in affordable housing, first-time buyers or even luxury properties, you’ll find something here that will be of use to you and help to increase your exposure and relevancy in such a competitive market.

Follow the stars (literally)

When you buy a new electronic device, would you rather pick something that all your friends use, or would you rather be the odd one out and get something that no one uses? The mentality is similar with housing. You want to move to a location that you have heard of or you know about and not a random place in the middle of nowhere. You’re also more inclined to pick and area if there are celebrities living in the area. If the location is good enough for someone wealthy, then it’s more than likely going to be suitable for you as well assuming you have the money.

A great way to follow what the celebrities are doing is to actually use social media. Many fans will talk about housing and live in different parts of the world just to see celebrities and hang out with them on a regular basis. For instance, Beverly Hills is an extremely popular location due to it being the home of many Hollywood stars. If you specialise in luxury properties, then you’ll want to have homes for sale in this area. When celebrities move to different locations, you want to be at the forefront and you want to use the celebrity presence as a selling point.

Keep up with developments

Whether it’s a crowdfunded development project or something started by a rich and wealthy businessman, you want to try and jump on these new development projects as soon as possible. You can’t, however, expect them all to work 100% of the time. If the head of a new development project is someone you’ve never heard of, then you probably shouldn’t trust them or their claims because they don’t have a portfolio that you can refer to in order to judge their work.

Instead, you should follow trusted property developers around the world such as Joe Nahas, CEO of Coronation Property. The more successful development projects they’ve operated in the past, the more likely their new one will tick all the right boxes and be a worthwhile investment for you and your real estate agency.

Put yourself in the shoes of the buyer

This is usually something that is done on a per-client basis, however, it’s an essential component in any kind of property development selling strategy. If you don’t understand the needs of your clients, then you won’t make nearly as many sales as you could.

Analyse current market trends, your local market, and the types of clients you get. Learn to judge their character and their needs by asking questions or deducing from what information they’ve provided you. For instance, if a single professional adult is approaching you about studio apartments, then you can already try to imagine what they are thinking when it comes to the perfect property. Perhaps they want a bachelor pad, perhaps they’re a student that wants affordable accommodation, or maybe they’ve recently divorced and want to start a new life. Using this information, you can sell a home that is tailored towards their needs with pinpoint accuracy.

Purchasing Property Preparation – The Ticklist!

The market is as precarious as it ever was, maybe even more so. But as more people are finding it difficult to get their act together to buy their dream home, the option to rent appears to be a more sensible approach than ever before. But we all deserve our dream home, and it can take years to be “house-ready” so here are some things to make sure you are prepared for so you can get onto the property ladder with the least amount of fuss.

Make Sure You Look “Clean”

Before any bank is willing to lend you the money you have to show them that you are trustworthy. This means going over your recent credit history and checking that you haven’t had any missed payments, or you aren’t making any unnecessary spends. Something as basic as a cup of coffee that comes out of your account every day can add up, so think about if it means the difference between passing a credit check or failing it. Looking “clean” in the eyes of the banks can take some time to do, especially if you appear to have a questionable past when it comes to money, but if you undertake an overhaul of your finances, you will go the distance.

Do Your Research

In everything! Look at the area you want to move to, the type of house it is. Is the house a new build? If it is, the material might be more reliable than the houses built 20 years ago. Does the house not retain heat or is it a bit on the cold side? If you’re looking at an area, does it give you everything you need? Are there suitable amenities? Are there good-quality schools for your children? If you have found a house you love, it is possible to start some pre-purchase house
inspections
to make sure the house is everything you need it to be. This applies especially if you are a first-time buyer and need guidance. Check the property around different times of day too, that way you will get a proper appreciation of the area and if it meets your needs.

Be Prepared To be Flexible

We want our dream home to be perfect, and this isn’t always feasible. The area may not be the place you had in your head, but if it has everything you need in a home, from a big garden to the amount of essential bedrooms, you may want to think about setting up home there. It is all about being flexible to the extent that you may have to veer away from what you had in your mind, and this is something that not many people are willing to do. At the same time, this is where you can be easily taken for a ride by the estate agency, so don’t be swayed by a poky one-bedroom house that is in the perfect area. You simply need to weigh up your options, and that is what buying a great home is all about.

Fine-ances: Making A Bad Situation Better

If you ever find yourself in a bad situation financially, then know that you are not alone. Most people go through such periods of life from one time to another. The important thing is not to beat yourself up about it, or worry unduly, but take simple, clear steps towards improving your financial life as soon as possible. If you panic, you might end up doing something which is not actually helpful in the long run, so make sure that you don’t do this. Instead, take a step back and think about what you can really do to make things better in a short space of time. The ideas in this article should help you, but you should also consider going to the experts for even more specific advice for your situation.

First Take Stock

Generally, before you can actually make the changes that you need to make, you first need to make sure that you take stock of your situation as it really is. This is important because so often people fail to do this entirely. People very often bury their head in the sand when it comes to money problems, and this is no way to fix any such issues. Or the opposite happens, and they worry themselves into thinking that things are much worse than they really are. In both cases, you are not really setting yourself up for success. Make sure you don’t do this, but instead focus on seeing the situation how it really is. This might mean that you need to look at your bank records for the past few months, by way of example. Or it could be that you need to figure out what your monthly budget actually is (more on that later). The point is, you can only do these things once you are clear on what you are really doing with your finances.

Approach The Worst First

It might be the case that you have a number of financial issues to deal with at present. If this is true, then that is incredibly unfortunate, but you should remember that there is always a way to deal with these issues, no matter how many you might have or how terrible they may seem. One of the most important actions to take is to list the problems that you have financially and try to put them in order of seriousness. It can often be difficult to work out the order for this, but with a little persistence you should find that it is easier than you previously thought. As a general rule of thumb, anything which means that you will get into trouble is probably the top of the list. This means debts which have been unpaid for a long time, for example, or anything where you are being threatened legal action. After this, you will want to think about money owed, and put the in order depending on how much it is likely you will be paying back in total. You need to take into account interest and fees as part of this if it is to be as accurate as possible.

After that, you just want to go through whatever issues you have remaining and see which might need resolving first. Similarly to the first step of taking stock, listing your problems in this way is likely to be difficult to deal with at first. But it is also necessary, and it might help if you approach it as a necessary evil which you need to deal with before you can vastly improve your life situation. With a little focus on this, you will soon find that your situation is much clearer in your mind – and this is the first step towards making it much better all round.

Get Help Early

Usually with these kinds of situations you will need some help of some kind or another. Needing help is nothing to be ashamed of; the important thing is that you know the exact extent of the help you need, where you will find it, and how you will repay the persons involved. It is also a good idea to seek out and secure this help as early as you possibly can. The earlier, the better, as this way you have more time to repay any money you might borrow, and it also means that you will be able to get out of your negative situation sooner, which is ultimately what you are going for here.

Such help can come in many forms. It could be that you take out a bad credit loan, thereby borrowing money without putting yourself into further trouble. Or you might decide on borrowing money from family and friends. Although this has the distinct advantage of meaning that you won’t owe money to a stranger or a company, you will want to be careful that you don’t distance yourself from anyone by doing so. Whatever help you finally decide on, this is one of the most important parts of the whole process. It is rare that people can go it alone, so you might as well make the most of the kindness of people to help you along here.

Budget Ahead

Budgeting is something that a lot of people struggle with, partly because it seems to be so difficult to get right. As we have said numerous times now, the key to doing this effectively is to make sure that you do it as detailed as possible. If you miss something out, then the budget is incomplete, and ultimately this means that you will not be putting yourself in the best position to get out of your current situation. Make sure you know the exact extent of your financial situation, and then you can sit down and work out a strong budget for the times ahead.

When you are working out a budget, it is vital that you try to think about everything which might be affecting you in the times to come. This means all outgoings which might occur, as well as anything unexpected which you can reasonably plan for. The plan should be detailed and strict, but that doesn’t mean that it will never change. Your budget should have room for growth, as life situations do change and this affects your money. But on the whole, you should find that your budget gives you a pretty clear idea of what you are trying to achieve, and how you will achieve it. If you think of it as a recipe for success, you can’t go far wrong on the whole.

Your Job & Income Streams

It only makes sense that, as well as looking very closely at your outgoings, you also investigate your incomings. Your job is probably your livelihood, and s such it is worth thinking about as part of the financial whole. Many people identify strongly with their work, and if this applies to you then you will want to make sure that you are happy with it. A huge part of this is whether you feel as though it provides you with decent pay for what it is that you do. If you don’t, then you might want to think about bringing in more money in some other way. This might be in the way of alternative income streams, or it could mean changing your job altogether. Maybe it will be necessary to do both. If you feel that a change is necessary, allow yourself the freedom to make those changes. You will be very glad that you did.